A secured packager is targetting the southern market, following its success in the North and Scotland.

Smart Money Loans intends to expand its team, loanbook and develop its reach amongst brokersr secured loans.

Smart Money Loans has a self-sufficient office in Glasgow which completes over 32 per cent of the packager’s deals. The packager has had a BDM in Scotland for over two-and-a-half years.

Paul Crewe, Managing Director of Smart Money Loans, said over 85 per cent of cases that are credit searched and agreed with lenders go to completion. He added: “I always felt it was a shame that Scotland had been sidelined by some lenders in the secured loan market. Given the quirks of each country’s legal system, perhaps it was somewhat understandable. Today, it is very different with most lenders fully engaged.

“When I set up Smart Money Loans, we felt it important to have representation on both sides of the border, not just in terms of BDM’s, but also by ensuring we had a fully fledged office in Scotland.

“Secured loans will always need to have a strong human underwriting ethic as sourcing systems can only provide an indicative level of accuracy, as each case can be so different. Long may it continue, so we can continue to add value to brokers and their clients.”

The appointment of BDM Colin Davidson earlier this year saw Decisions in Principle in the South increase from 9 per cent of their UK total to 15 per cent. Smart Money Loans also saw a 17 per cent increase in enquiries in the South within one month of hiring Davidson who covers England and Wales.

On the appointment of the BDM, Director Paul Crewe said: “We have always enjoyed great support in the North of England and Scotland, which is our heartland. Thanks to the appointment of Colin to build business in the South, we have been better able to tap into the national upsurge in interest around secured loans and their uses.”

Their office based in Chester has five members of staff. Around 29 per cent of their business is completed in the North of the UK.

Smart Money Loans has seen broker registrations rocket this year with approximately 150 new intermediaries signing up and submitting their first cases. The South East in August alone saw a further 23 brokers use the packager.

Within the next 12 months, Smart Money Loans intends to work towards expanding the team.

Marketing resources are available Smart Money Loans’ introducers to explain the company’s products and rewards. These can be found in print format or downloaded online. The company is currently contemplating introducing email options.

Smart Money Loans also provides bridging services, however their main focus lies within secured loans.   The packager also has a reward system where introducers earn points for their deals. A certain value of points can be exchanged for prizes, including gadgets, cars and overseas holidays.

By Chanice Henry